IKEA’s Ingka Group announced its investment worth $16 million in what3words, the London-based technology startup. Through the technology innovated by startup that has helped divide the world to pinpoint locations, reported Reuters.
what3words business model gives every square a unique three-word name which aims to create a precise global address system that could help logistics firms with deliveries.
Ingka Group’s investment arm Ingka Investments in a statement said,“What3words has created an innovative solution to the problem of poor and inaccurate addressing, which is a problem in both developing and developed countries.”
It further added, “Unlike a regular street address, which points to a street or building, the system allows people to specify a very precise location such as a side door or utility entrance.”
